Bitcoin has climbed back above the $65,000 mark, currently trading at $65,148.57 after a 1.2% increase over the last 24 hours. The asset maintains a dominance of 58.6% in the market.
Broader cryptocurrency markets also showed movement; Ether (ETH) rose over 3% to nearly $1,950, while Solana (SOL) and XRP gained between 1% and 2%. Analysts suggest that the significant rise in ETH indicates a rotation into alternative cryptocurrencies.
Global energy markets saw a notable shift as WTI futures fell approximately 5% to $85. Additionally, Brent crude oil dropped 4.7% to $92.19. This retreat in fuel costs has eased some concerns regarding inflation.
The shift in market sentiment follows a second day of paused military strikes between the United States and Iran. Iran stated it would continue to halt airstrikes as long as the U.S. maintained its position, following a fragile ceasefire that began in the second quarter after a conflict started in late February.
Traditional markets responded as Nasdaq and S&P 500 futures rose by half a percent. Meanwhile, the Australian dollar and euro gained value against the U.S. dollar.
Market analysts note that prices are responding to various macro developments. Regarding the Bitcoin cycle, it is noted that approximately 900 days typically pass between a Halving and the bottom; the current cycle is at day 827, with a potential final bottom forming within the next two months.
Looking ahead, markets are monitoring specific risks, including a 36.3% probability of a 25-basis-point rate increase. The Federal Reserve meeting on July 28-29 remains an immediate risk.